Legal News

Willkie advises on first UK restructuring plan of regulated healthcare operator

Published on: 10 March 2023

Table of contents

  • First RP of a CQC-regulated group
  • Shareholders are not affected by a plan unless their economic rights are diluted
  • Inquorate creditor meetings are not a block to sanctioning
  • Cram-down power confirmed where dissenting classes are clearly out of the money
  • Reaffirmation of ability to use a plan to wind-down and not rescue a company
  • Classes and voting
  • Looking forward

Article summary

Restructuring & Insolvency analysis: this interesting case involved seven related Part 26A restructuring plans for The Lifeways Group. The court gave helpful guidance that inquorate creditor meetings do not block cross class cram-down in restructuring plans. The case is also the first successful use of a restructuring plan by a UK healthcare regulated business. Written by Graham Lane, partner, Alexander Roy and Matteo Clarkson-Maciel, associates, of Willkie Farr & Gallagher (UK) LLP.

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